DEARBORN, Mich. – DFCU Owners United, the group of members of the $1.8 billion DFCU Financial which had first opposed the CU's proposed conversion into a mutual bank and also backed a special meeting to vote on recalling the board, is still weighing its options in the wake of the CUs decision to ignore their petition and not hold a special meeting.
"Frankly we haven't made up our minds yet about what to do because all of our members haven't let us know what they think yet," said Margaret Blohm, an organizer with the group. Among the options available to the group are a lawsuit and an appeal to NCUA for help.
NCUA has said it will not get involved in the special meeting dispute, arguing that it is a matter between the CU and its members.
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Meanwhile, the DFCU members who have heard from the CU have been quite vocal on the DFCU Owners United homepage.
"Over the last few months, I have read a lot of information on both sides of the charter conversion and board recall issues," wrote one member who was identified as RHB.
"Until this decision not to hold the special meeting, I was generally supportive of the board. Although I think they handled some things (relative to the charter conversion and the special meeting) poorly, I was certainly willing to give them their chance to defend themselves at the special meeting, and I probably would have voted to keep the board in place. But to not proceed with the special meeting, after DFCU Owners United met the requirements to call a special meeting, is just a disregard of the bylaws that exist to protect all of the members. If the board is so confident that they would win the vote to keep their positions (based on repeated statements that DFCU Owners United is a very small group), let the meeting take place and end the speculation."
Another wrote:
"I am inclined to let this issue rest for now and stop the money being spent by DFCU on fighting the recall. I would suggest we continue to identify strong potential Board members and get them elected at the next annual meeting. In time we can replace the nine members (and eventually the CEO) and get this CU back to a position that puts member's interests first!"
The group plans to make a decision on a future course of action sometime in the coming week.
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